News
UK To Review Non Dom Regime | 2010 05 26
Price Waterhouse Coopers has noted a number of government announcements which are expected to impact on the taxation of non-domiciled UK employees.
Commenting, Sean Drury, international mobility partner at Price Waterhouse Coopers, stated:
"We welcome the Chancellor's comments to the Confederation of British Industry on May 19 on simplifying and reforming the over-complex tax system in order to increase the attractiveness of the UK for multinationals. Crucial to this goal is keeping the UK a magnet for top global talent.
The attractiveness of our personal tax system for internationally mobile employees is paramount, yet the regime has become less competitive over the last 3 years. The UK ranks second highest of the G20 for the total tax rate paid by senior executives.”
While the announcement by the coalition government of a further review of the taxation of non domiciled individuals has been welcomed by PWC, it has noted it should be used as an opportunity to simplify the rules, not to remove the attractiveness of non-domiciled status for key foreign talent.
“In the United Kingdom over one third of CEO's of the FTSE 100 are foreign nationals who are likely to be non-domiciled. We are concerned that another set of changes and rules, following so soon after the significant changes enacted in Finance Act 2008, may raise concerns with the current non domiciled community.”
“It is essential that the long term benefit of remaining in the UK for non domiciles is retained and we hope that appropriate representations and transparency are a cornerstone of the proposed review,” concluded Drury.
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